China’s CNCEC to bid for building Ibn Sina’s POM unit in Al-Jubail

17 August 2012 06:40[Source: ICIS news]

SINGAPORE (ICIS)--China National Chemical Engineering Co Ltd (CNCEC) will submit a bid next month to win a construction contract for a 50,000 tonne/year polyacetal (POM) unit being built by National Methanol Co (Ibn Sina) in ?xml:namespace>Saudi Arabia, a source said on Friday.

Ibn Sina, a joint venture between Saudi Basic Industries Corp (SABIC) and Celanese Corporation of the US, plans to build the plant at Al-Jubail industrial estate.

SABIC owns 50% of the joint venture while Celanese and an affiliate of Duke Energy Corp each have a 25% stake, the source close to SABIC added.

The bid has to be submitted by October 24.

Officials from concerned companies could not be immediately reached for comment.

Ibn Sina had invited Asian and Spanish engineering companies to bid for the construction contract.

These include Spain's Dragados, China National Chemical Engineering Co, Taiwan's CTCI South Korea's Hyundai Engineering, Daelim Industrial, Hanwha Engineering and SK Engineering and Construction, according to the source.

SABIC signed the agreement with Celanese in 2010 to build the POM unit at a cost of about $400m, according to the source.